2003 AGN MAY 06 I24 - Laserfiche WebLink

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SETTLEMENTAND RELEASE AGREEME'NT This Settlement Agreement and Release Agreement (the "Agreement") is made and entered into by and between COLTON NON-PROFIT SENIOR HOUSING, INC. and the REDEVELOPMENT AGENCY FOR THE CITY OF COLTON (collectively "PLAINTIFFS") and TURNER CONSTRUCTION COMPANY ("TURNER"), (together referred to collectively as "PARTIES"), for the benefit of the PARTIES hereto. RECITALS WHEREAS, TURNER entered into a contract with COLTON NON-PROFIT SENIOR HOUSING in 1990 to perform work related to the construction of the COLTON PALMS SENIOR HOUSING project in Colton, CaVornia (the "PROJECT") and did perforro, said work. WHEREAS, PLAINTIFFS caused a lawsuit to be filed on February 1, 1997 entitled COLTON NON- PROFIT, ET.AL. v. TURNER CONSTRUCTION, ET AL., with the San Bernardino County Superior Court, Case No. SCV 55024 ("the ACTION"). As part of the ACTION, PLAINTIFFS alleged certain defects in the design and construction of the PROJECT. WHEREAS, TURNER has filed a cross-complaint in the ACTION alleging causes of action against various of its subcontractors on the PROJECT, including against TURNER'S design/build subcontractor, WESTERN AIR AND REFRIGERATION ("WAR"). WHEREAS, after extensive investigation, PLAINTIFFS set forth in their FINAL VERIFIED DEFECT LIST (the "DEFECT LIST") in May 2000 those items of construction that PLAINTIFFS allege are defective. WHEREAS, PLAINTIFFS filed a First Amended Complaint in the ACTION in September 2001, incorporating the DEFECT LIST and naming WAR as a direct Defendant. WHEREAS, PLAINTIFFS have alleged damages in the ACTION of more than $4 million for the cost of repair and more than $6.5 million for relocation of the PLAINTIFTS' tenants at the PROJECT during the repairs that PLAWTIFFS alle.- arcrequired t_- correct and remedy the allc,--d!y defective construction and damage PLAINTIFFS allege arises therefrom. Pa,,e I of 7 22811.02/01/31/03